Motivation At The Nhs Foundation - 2676 Words

MOTIVATION IN THE WORKPLACE This research work is based on finding out the factors of motivation that can be employed for the NHS foundation staff. The NHS Foundation trust is a semi-autonomous organization within the National Health Service in the United Kingdom. These trusts have a certain degree of independence and work in an autonomous form as related to the Department of Health in the country. As computed in March 2014, there are 147 foundation trusts for NHS operating in the country. The factor of motivation of the employees in the workplace is extremely important for deciding the performance levels of an organization that functions in the healthcare segment. As such, this research is conducted to evaluate the existing motivation levels, strategies and performance within the organization. In addition, the motivation strategies that can be used by the business managers in the organization are considered and their practical application is analysed. The research would be mainly based on secondary research me thodology in which data would be gathered from the employee groups working in the NHS foundation Trust. The research report is structured in a methodical and step by step manner. Suitable research aims and objectives are designed followed by a thorough review of the available literatures on the topic of motivation. The literature review would help to provide a base for the development of the research work and for analysing the collected data from a theoreticalShow MoreRelatedJournal of Health Organization and Management1408 Words   |  6 PagesThe issue I have chosen is the relationship between HRM and organisationa,l and individual performance within the NHS. I have used two academic research based journals Baluch et al, (2013) in the Journal of Human Resource Management and Hyde et al, (2013) in the Journal of Health Organization and Management. Despite researching a similar field of study, the authors used different research methodologies. HRM and performance is part of a wide-ranging area of study in this field. The advancement ofRead MoreThe Self Esteem Of Adolescents Who Suffer From A Hearing Loss1126 Words   |  5 PagesIt is a subjective evaluation of how an individual assesses their self-worth and value in context to various external factors (Rosenberg, 1965). This basic assessment of oneself has a formidable effect on human behaviour, emotion, cognition and motivation, the dynamics of which extend to multiple precincts of development, including academic achievements, careers, friendships, success and relationships (Turner, 2007). Research even suggests that self-esteem can be a substantial forecast of satisfactionRead More Prevention of Obesity Essay1265 Words   |  6 PagesHillingdon is directed towards adolescents in view of Baur (2008) suggesting that obese children grow into obese adults with associated health complications such as type 2 diabetes. According to the National Audit Office (2007) the Nation al Health Service (NHS) spends around  £4.2 billion a year in curing obesity and its associated illnesses. In 2008 the number of obese cases recorded by Hillingdon PCT amongst adolescents was 6.9%. In comparison with the entire of England it was estimated that 14% of boysRead MoreImproving The Health And Wellbeing Of An Individual1425 Words   |  6 Pagesyour patient or liaise with your healthcare team can immediately destroy the relationship between the healthcare professional and the patient, which in that case can lead to many problems. According to the NHS constitution, the most common complaints in the NHS are related to poor communication (NHS England, 2010). The National Patient Safety Agency (2007) suggests that the key to improving patient’s safety and clinical practice is the use of effective communication. A study was carried out with twentyRead MoreObesity Is A Complex Process953 Words   |  4 Pagesof obesity (Change4life 2016). This was the first campaign to adopt a social marketing approach to address obesity by making significant improvements in an individualà ¢â‚¬â„¢s diet, being physically active and alcohol consumption to improve their health (NHS Choices 2016a). Beside this health campaign, a consistent nutritional label system was launched in 2013 by the Public Health Minister Anna Soubry. This system combines colour coding (red, amber, green) and nutritional information to demonstrate theRead MoreObesity As A Public Health Campaign958 Words   |  4 Pagestackle growing problem of obesity. This was the first campaign to adapt social marketing approach to address obesity by making significant improvements in an individual’s diet, being physically active and alcohol consumption to improve their health (NHS Choices 2016a). Beside this health campaign, a consistent nutritional label system was launched in 2013 by the Public Health Minister Anna Soubry. This system combines colour coding (red, amber, green) and nutritional information to demonstrate theRead MoreStakeholder Engagement And Critically Service Users1319 Words   |  6 Pagesand reports that highlight the importance stakeholder engagement and critically service users. (DoH xxx). More significantly the Health and Social Care Act 2012 strengthens the voice of patients by placing a statutory duty on NHS organisations to engage service users. The NHS Constitution (2015), provides patients with the right to be involved in decisions about their care and in the planning of services. Carmen et al (2013), refers to 3 different levels of patient engagement: †¢ Direct Care – thisRead MoreEffective Communication At The Health And Social Care Sector1564 Words   |  7 Pagesto ensure the transmitted content between a conversation have been received clearly and assumed by each other in the most appropriate ways. The main goal in an effective communication is to achieve information, have a common concept and changing motivations. Communications can be easily affected by different barriers; for example, in Alan’s case includes the communication barriers of deficiency attention and the emotional barriers between the care workers which cause him feels unimportant and startsRead MoreThe Prison System Is Not Functioning Well869 Words   |  4 Pagestheir impact. (Ministry of Justice, 2016). Autonomy is expected to empower staff, improve standards and lead to a reduction in reoffending. The idea came from similar reforms in other areas of the public sector, most notably academy schools and NHS foundation trusts. Implementing an innovative and effective regime will be encouraged through the threat of unsuccessful governors being managed out, and control of their prisons allocated to more successful governors; alike successful head teachers in theRead MoreThe Complex Problem Of Poor Nutrition1396 Words   |  6 PagesNightingale who wrote in her Notes on Nursing in 1859 that â€Å"The most important office of the nurse, after she has taken care of the patient’s air, is to take care to observe the effects of his foods†(Nightingale, 1859). Nightingale is the basic foundation of nursing. Till this era, she has influenced the society and is so passionate about the care of patients. For example water, keeping hydrated can have a tremendous impact on the overall health. It is crucial that people drink enough water; many

What Is Sex Trafficking Essay - 2380 Words

What is Sex Trafficking? Sex trafficking has many definitions when looked up and there has yet to be a definite internationally used definition, but the overall main meaning found throughout all is the act of forcing a person through violence, manipulation, drugs, threats, etc. to perform sexual acts of all types against their wills; and as said by George in Sex Trafficking and Sex Work: Definitions, Debates and Dynamics — A Review of Literature it is when â€Å"primarily women and children are coerced or deceived for the purpose of commercial sex exploitation.† Sex trafficking is clearly a violation of a person’s human rights and is a type of modern slavery that unfortunately countless of people have to become victims of. People from all over the world are potential victims of sex trafficking and therefore it is very hard to accurately develop a number of exactly how many sex trafficking victims there are. However, as read in The Case of the Missing Case: Examin ing the Civil Rights of Action for Human Trafficking Victims by Nam â€Å"the U.S State Department estimates that 800,00 human beings are trafficked across international borders each year. An estimated 80% of these transnational trafficking victims are female, and an estimated 70% of those females are trafficked into commercial sexual exploitation.† The sex trafficking victims found in all these places have one way or another fallen into the hands of sex traffickers. Some of the common ways these people, unfortunately, fallShow MoreRelatedSex Trafficking: What The Law Should Be1771 Words   |  8 Pages The act of sex trafficking has been around for many years and has always been a problem. This industry has harmed millions of people lives each year and yet there is still little action being done to stop it. Trafficking is defined as the act of forcing a person to do something, and in this case it is forcing people to sell their bodies for sex (Morrison 9). The industry o f sex trafficking was originally started in 1994 and makes a preposterous amount of money, which ranges from five to sevenRead MoreSex Trafficking : A Common Issue For A Long Time1394 Words   |  6 Pages Sex trafficking can happen everywhere. People do not even realize when it is happening. Someone could be living their life, just as they normally do, and decided to go to the mall. Sometimes they may not even know that a little kid is going to be kidnapped, and later raped. This is what sex trafficking is. Sex trafficking is commonly defined as when violence, drugs, lies, or any other form of coercion is used to force another person to have sex against their will. (Sex Trafficking in the U.S, 1)Read MoreEssay on The New Slave: Sex Trafficking in America910 Words   |  4 PagesThe New Slaves: Sex Trafficking in America When most Americans hear the term ‘sex trafficking’ thoughts of helpless women and children in poor, developing, countries come to mind. However, most Americans would be downright shocked and dismayed to learn that many victims of sex trafficking reside right here in the United States. Moreover, many of the victims of sex trafficking in America were victimized by other Americans. This is a pressing national issue to which neither small, rural towns or largeRead MoreSex Trafficking Is The Trade Of Humans Essay1267 Words   |  6 PagesSex Trafficking     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Sex trafficking is the trade of humans, most commonly for the purpose of sexual slavery, forced labor, or commercial sexual exploitation for the trafficker or others. This may encompass providing a spouse in the context of forced marriage, or the extraction of organs or tissues, including for surrogacy and ova removal.Sex trafficking is a very dangerous thing to be going on in this world.   Human trafficking can occur within a country or trans-nationally. The Metro-AtlantaRead MoreThe Problem Of Child Sex Trafficking1199 Words   |  5 PagesChild Sex Trafficking Have you ever walked into Wal-Mart and taken the time to look at the numerous pictures of missing youth that is plastered on the wall? When looking at how long they have been missing, it ranges anywhere from months to years. Looking at their age, both boys and girls, it is hard not to wonder if these kids are being trafficked. Child sex trafficking, also known as human trafficking, is a major issue that is not only plaguing the United States, but the world. ResidingRead MoreSex And Sex Trafficking1310 Words   |  6 PagesThe Effects Poverty has on Sex Trafficking Suffering from poverty makes life unbearable at times and is hard to escape from. Most individuals that live in poverty are vulnerable and have little hope to improve their lives. Being vulnerable and having no hope for life can often leads to desperation. Sex trafficking and become a means of survival for these individuals. Low income is a major cause for sex trafficking. Sex trafficking can become a reason for a single mother to feed her children or canRead MorePersuasive Essay On Sex Trafficking1094 Words   |  5 PagesSex trafficking is becoming more and more of a problem as time moves on. Sex trafficking is the recruitment, harbouring, transportation, provision, or obtaining of a person for the purpose of a commercial sex act, in which the commercial sex act is induced by force, fraud, or coercion [Internet Safety 101]. Sex trafficking is increasing due to the evolution of modern day social services and sources. From safety sources, it is the 2nd fastest growing criminal indus try [Internet Safety 101]. More andRead MoreSex Trafficking And The United States1672 Words   |  7 Pageshuman sex trafficking, they think of heinous acts that take place in other countries where adults, children, girls and boys are exploited to perform sexual acts in exchange for money or goods against their will. They think it typically occurs in places that are less developed than the United States. However, the reality of this horrific crime is that it is taking place in the United States, and it occurs more and more each and every day. Young girls are not solely the victim of human sex traffickingRead MoreChild Sex Trafficking And Human Trafficking1096 Words   |  5 PagesChild Sex Trafficking Have you ever walked into Wal-Mart and taken the time to look at the numerous pictures of missing youth that is plastered on the wall? When looking at how long they have been missing, it ranges anywhere from months to years. Looking at their age, both boys and girls, it’s hard not to wonder if they have been kidnapped and are being trafficked. Child sex trafficking also known as human trafficking is a major issue that is not only plaguing the United States, but alsoRead MoreSex Trafficking : A Modern Day1360 Words   |  6 Pages In current day and age, sex trafficking is referred to as â€Å"modern-day† slavery, where sex is sold through the use of forcible behavior, and the victim is coerced by those running the deals. According to the Trafficking Victims Protection Act of 2000, the term sex trafficking is defined as, â€Å"the recruitment, harboring, transportation, provision, or obtaining of a person for the purposes of a commercial sex act, in which the commercial sex act is induced by force, fraud, or coercion

Safety of Adventure Tourism in New Zealand

Question: Discuss about theSafety of Adventure Tourism in New Zealand. Answer: Introduction: In the recent due to globalization and easing up of the visa regulations, tourism has become an important economic activity. In New Zealand, one of the rapidly growing sectors in the tourism industry is the adventure tourism sector which has the huge potential to attract both the domestic tourists and the international tourists. The adventure tourism sector comprise of the blend of various commercially operated outdoor adventurous activities which creates excitement and adventure. Adventure travel has also grown as a recreation of the traditional outdoor and wilderness (Bentley, Page, Edwards, 2008). Over the years the scope of the adventure tourism has increased and comprise of the different activities that are adventure based and such activities which tourists want to experience during their vacations. New Zealand is a major attraction for those tourists who are seeking adventure and there has been rapid growth in the adventure tourism sector in New Zealand in the recent times. In the year 2012 alone 500,000 international tourists took part in different forms of adventure activities in the country while spending their vacations in the country. The main purpose of writing this literature review is to identify the various safety procedures that are adopted in the adventure tourism sector by the tour operators in New Zealand and identify the established framework for the safety management in the tourism sector in the country (Bentley, Page, Edwards, 2008). On an average it has been found that the international tourists spend nearly about $3,200 on the adventure tourism in the country. Most of the tourists who come to the New Zealand for the adventure tourism are the mainly from the following countries such as Dutch, German, Singaporean, UK and tourists belonging to the Canadian origi n. The key Asian countries from where most of the tourists like to visit New Zealand are Korea, Japan and China and most of the tourists from these countries like to participate in the adventure tourism when they are spending their vacation in New Zealand. There are several adventure activities which are basically enjoyed by the tourists during their vacation in New Zealand. These activities are illustrated in the below given figure. The various adventure activities that are enjoyed by the tourists is New Zealand include Sky diving, Jet Boating, Glacier walking, Bungee jumping and lunging. Tourists also participate in the white water rafting, kayaking and skiing while holidaying in the country. In the recent times the adventure tourism has grown as a major sector in the tourism sector of the country. The risks that are related to the adventure tourism are very high and thus the safety issues that are related to the sector are very important to take into consideration. There are have been several events in the recent past which has been widely publicized. Management of the risk has become very much important for the organizations which are associated with the different facets of the adventure tourism sector and the adventure activities. There has growing debate over the concern whether are sufficient framework and policies in place in New Zealand so that the organizations can tackle with the various risks that are related to the adventure tourism sector. The safety precaution that has been adopted in the adventure tourism sector in a country greatly impacts the choices of the tourists in the selection of the destination for the adventure tourism (Bentley, Page, Edwards, 200 8). There has been huge impact on the increase in the number of the reported incidents in the adventure tourism sector, which has dampen the morale of the tourists who have selected New Zealand as their destination for the adventure tourism. It is important to take into account the various constraints that are imposed by the various risks. It is very much important to identify the different causes due to which the accidents take place in the field of the adventure tourism. There has been growing concern in New Zealand government about the proper safety and the management of the adventure activities in the country. There are high risks for the participants in the adventure activities. This risk cannot be completely reduced by the risk management alone, but there are rights for the travelers to expect that the proper safety measures will be taken by the authorities who are promoting the different adventure activities in the country. Literature Review There is growing scope of the commercialization of the adventure activities in New Zealand as more and more people are participating in the different adventure activities around the country. In general tourism may be defined as a travel by person outside his natural environment for more than a day mostly for the recreation activities and sightseeing purposes. There are several things which has to included in a trip so that it can be called as an adventure trip. These are interaction with the environment, interaction with the culture and the doing various physical activities. In general practice an adventure trip will comprise of all the above mentioned activities that has been highlighted above. As per Bentley, Page, Edwards (2008) adventure tourism may be considered as the commercially guided tour where the main attractor of the tour is some of an outdoor activity that contains the element of the natural terrain, requiring specialized and similar kind of the sporting equipments and the clients feels excited about the tour. The features of the client may vary depending upon the skills, demographics, emotions, expectations and their experience (Bentley, Page, Edwards, 2008). But all the outdoor activities cannot be put under the bracket of the adventure activities as there is very fine difference between the adventure activities and the recreational activities. The recreational excursions that are undertaken by the client is mostly for the purpose of the relaxation and these not threatening activities. On the other hand the adventure sport basically relies upon the thrilling experience of the client from the activities and most of the activities basically involve risks. The important factors that works behind such activities are the emotions that are involved with such activities and the process in which such activities are basically accomplished. The approach that is undertaken in the adventurous activity is very deliberate nature and there is a fear of uncertainty due to the different known and the unknown factors which can result in the life threatening consequences. It requires experience, physical competence and skills to tackle those challenges. Th e other researchers suggest that the either the tourists are mass tourists or they are adventure seekers who wants thrill and enjoyment in their tour and and in doing so they constantly expose themselves to the dangers (Bentley, Page, Walker, 2006). This fact is used to explain the cause of the decrease in the interest of those activities among the adventure tourists where the risks that are associated with the activities are very less or negligible. The researcher also found that the increase in the levels of risk among the adventure tourists leads them to undertake more dangerous activities which have high degree of risks associated with it. Though there is not a single scale which can be used to measure the degree of the risk that are associated with the various adventure activities. There are several types of the adventure activities and most of the adventure tourism is basically conducted as per the self organized recreational trips instead of the professionally guided tours. One of the biggest export industries in New Zealand is the tourism industry. The sector contributes to nearly NZD 9.6 billion to the foreign exchange reserves of the country. A total of 9% of the gross domestic product is basically supported by this sector either directly or indirectly. When added to the domestic expenditure in the tourism sector the net revenue rises to NZD 23.4 billion in the year 2012, which shows a rise of the 2.4 percent from the previous year revenues (Bentley, Page, Laird, 2006). New Zealand is recognized in the world as one such country in the world where large parts of the population of the country take part in the adventure activities. Also many foreign tourists that arrive in the country basically favours the country as a tourist destination for its known ranki ngs as the best adventure activities destination where a wide range of activities are done. The major promotion of the adventure tourism in New Zealand revolves around the best sceneries and the glimpses of the Maori tradition. Since 19th century there are several adventurous activities that take place in the South Island. The major part of the adventure tourism that comprise of the south Island attraction is the mountaineering. Though there are also other activities which have started in the recent time but mountaineering still holds the central place. The Queenstown is basically promoted as the adventure capital of the world and it attracts tourists from the different parts of the world. It is one of the most attractive destinations for the adventure seeker tourists in the New Zealand. The main reason in the attraction of the both domestic and the international tourists in Queensland is the scenic beauty of the region, which is a major draw among the tourists. Various type s of ad venture activities take place in Queensland like the bungy jumping and canyonning. The tourism sector and the infrastructure for the tourism in the region is very well developed and it provides support to the character of the region as a adventure activities region. There are various risk factors that are associated with the adventure activities and the amount and the type of risks that are associated with the adventure sports basically leads to the interest of the people towards the activity (Bentley, Page, Macky, 2007). There are several perspectives which has been used to explain the risks. As per the researcher risks may be defined as an activity which has uncertain outcome and there is high level of threat to the life of the individuals who are undertaking the activity. The outdoor adventures have high degree of risks associated with it and these activities generally involve preparing to the edge and have huge unexpected outcomes. There are three types so risks that are associated with the adventure tourism industry. These risks can be explained as the absolute risks, real risks and the perceived risks. The actual risk may be defined as the highest level of the risk that is basically related to the natural situation if there are no safety protocols and measures in place. The real risk may be defined as the highest levels of risk that are related to a particular situation in the presence of the appropriate safety measures and protocols. The perceived risks are generally categorized as those risks which are established by the individuals undertaking the adventurous activity. An individual perception about the risks that are associated with an activity is greatly influenced by the wealth, demographics, technologies and media. Though the safety and the well being of the tourists has been given the main priority by the UN-World Tourism Organization and the other similar organization but the main problem is that these issues have been largely ignored by the countries and they receive very minimum or negligible attention to the various researches that are done on the tourism industry(Bentley, Page, Macky, 2007). In general the type of the thrilling experiences and the excitement that are provided by the adventure activities are situated in such locations which has real hazards. Such hazards have the high potential to cause severe damage to the people and could even lead to death. There are several complications and legal issues that are related to the accidents that takes place in the adventure tourism sector, and these issues have high impact on the countries which are hosting the different adventure activities. in the recent times it has been concluded that the individuals give due importance to the safety of the activities before undertaking the adventure activities. There has been growing concern over the safety issues among the international tourists taking part in the adventure tourism and they want experienced guides and take adequate precautionary measures before hand (Smith Espiner, 2007). In the adventure tourism sector the risk management of the client is a major cause of concern for the countries that are hosting they adventure tourism like New Zealand. But there is a concern that is all the risk that that are associated with the adventure activities are managed than the excitements and thrill that are associated with such activities will be completely over. The major themes that is associated with the adventure tourism sector in New Zealand is the accidents and the safety. These themes have mainly dominated the adventure tourism news in the country for the past one and a half decades. Accidents have the potential to create a negative image about the tourism sector and the various tourist destinations that are there in the country. In New Zealand it was found that most of the accidents that took place in the adventure activities were related to the falling from the heights while in motion. Thus the preventive measures should take into account the risk of falling from the heights as it is one of the most common factors of risk is associated with the tourism sector (Smith Espiner, 2007). Very recently a person died from falling from a very popular high wire playground in the tree adventure at the West Auckland. Various participants accepted the fact that the lack of the proper safety measures was the main reason behind the death of that p erson. This incident brought to the attention of the government the lack sidle nature of the tour operators about the safety of the clients and the lack of the properly trained staff to handle such situations. It has been found in the surveys conducted by the researcher that there is a lack of proper accident prevention measures in the tourism sector in New Zealand. This is the main reason behind the lack of proper cooperation between the healthy professionals, tour operators and the various other sectors which are related to the tourism sector in New Zealand. The flying and skydiving are also taken up as adventure activities in New Zealand and in the recent times various accidents have been reported where the client either died or suffered grave injuries due to the negligence of the operators and the lack of the cooperation among the different departments. One of the worst incidents in the adventure aviation tourism in New Zealand is the tragic incident that took place in Wairarapa, New Zealand. In this aviation disaster almost eleven people lost their lives due to the crash of the hot air balloon. As per the statements given by the family of the victims, the incident could have been avoided as the pilot of the balloon has taken drugs before takeoff. In another incident there was 19-year old biker who was killed in a quad race due to the negligence of the tour operators as there was no proper safety measures that were adopted by the organizers of the event. There was no provision of the crash helmets at the site and the instructions were not given properly to the participants of the events. Though safety is the important feature of the selection of the adventure destinations but the reports related to the tragic incidents have hugely impacted the image of the adventure tourism in the country. Though there are various amount of inherent risks that are related to the different adventure activities but there has been a perception among the minds of the tourists about the safety measures and regulations of the tourism industry in New Zealand due to the various accidents involving the death of the several international tourists. It is important for the tourists in New Zealand to inquire with the local authorities before visiting any remote locations in the country. There are various campaigns that have been started in the adventure tourism sector in the country so as to attract the attention of the authorities towards the lack of safety measures in the adventure activities that take place in the country. One of such campaigns is run of the facebook with the page name NZ tour ist safety. This campaign has attracted a lot of attention among the international and domestic tourists alike. The main intent behind this approach was to make the people aware about the different happenings in the tourism sector of the country and the safety measures to be adopted while undertaking different adventure activities. It has been found by the researchers that there are several loop holes in the existing regulations that are related to the adventure activities in the country. These gaps and concerns have been highlighted by the various tourists in different websites and forums. There is wide gap in the safety management framework as it gives permission to the outdoor activities and the adventure activities to be performed with the lower standards of safety. These gaps have the potential to damage the image of New Zealand as a potential adventure tourism destination in the world. There are basically three different types of regulatory bodies that regulate and frame policies related to the adventure activities in New Zealand (Bentley, Page, Meyer, Chalmers, Laird, 2001). These institutions are NZ transport agency, the Civil aviation authority and the Maritime NZ. There are specified regulations that are associated with each of the authorities. In New Zealand all the adventure activities are not incl uded in one regulation. The different clubs and schools do not come under the ambit of these regulations which is a major cause of concern in the tourism industry. Conclusion The review of the literatures related with the adventure tourism in New Zealand revealed the lack of proper safety measures in the country and the impact of the recent events and accidents in the adventure tourism industry on the image of the country as a top adventure tourism destination. The careful review of the literatuire highlighted the gaps in the regulations that are related to regulate the adventure tourism in the country and the various campaigns that has been run by the people and NGOs to highlight the cause of safety in the adventure tourism sector in the country. References Bentley, T., Page, S., Edwards, J. (2008). Monitoring Injury in the New Zealand Adventure Tourism Sector: An Operator Survey.Journal Of Travel Medicine,15(6), 395-403. https://dx.doi.org/10.1111/j.1708-8305.2008.00234.x Bentley, T., Page, S., Laird, S. (2006). Safety in New ZealanD's Adventure Tourism Industry: The Client Accident Experience of Adventure Tourism Operators.Journal Of Travel Medicine,7(5), 239-246. https://dx.doi.org/10.2310/7060.2000.00072 Bentley, T., Page, S., Macky, K. (2007). Adventure tourism and adventure sports injury: The New Zealand experience.Applied Ergonomics,38(6), 791-796. https://dx.doi.org/10.1016/j.apergo.2006.10.007 Bentley, T., Page, S., Walker, L. (2006). The Safety Experience of New Zealand Adventure Tourism Operators.Journal Of Travel Medicine,11(5), 280-286. https://dx.doi.org/10.2310/7060.2004.19103 Bentley, T., Page, S., Meyer, D., Chalmers, D., Laird, I. (2001). How safe is adventure tourism in New Zealand? An exploratory analysis.Applied Ergonomics,32(4), 327-338. https://dx.doi.org/10.1016/s0003-6870(01)00011-4 Smith, E. Espiner, S. (2007). The role of the risk and safety in shaping the experiences of guided adventure tourists: A case study of the sea-kayak and multi-day walking participants.Lincoln University.

Project Scope and Time Management Project Status Report

Question: Describe about the Project Scope and Time Management for Project Status Report. Answer: 1. Report your assessment of the current project status As the senior consultant with project management consulting company PM Right Track or PMRT, the CEO of Good programs approached me to take a lead on the new project of the company. There are very few individuals who have the necessary skills and knowledge about how to report on the status of a new project. There are a number of rules and regulations that would be followed by me in order to report the assessment of the present status of project in an effective manner. It would not only keep the management as well as the project team informed about the ongoing status but would also make them work in coordination for making the project successful (Atkinson et al, 2006). As because the project is very much important for XY department in order to fix a number of issues and problems for implementing the hardware systems and also make replacement of the outdated computer systems for ensuring proper management of clients. In order to accomplish the project properly, the amount of budget that was needed was R 23 million, though there was disagreement and non-approval by the Government, as because there was lack of sufficient funds for completion of the project. The available budget was R 15 million, which was later taken by the company XY Department so as to make as much progress as it could be done with such amount of money (Atkinson, 2011). As the senor consultant of the consultancy group, I gathered necessary and relevant data and information regarding the project and also got informed about the current condition of the project and how it could be guided towards the right direction. XY Department of the Federal Government faced several computers related risks and issues that hindered the privacy of the department. It mainly resulted due to the outdated computer system that further created difficulties in managing the clients, that is why it was needed to be replaced. In order to manage this project properly, R 23 million was needed, which was not available (Burke, 20 13). As a very substantial amount of money was available, so the Government approved an amount of R 15 million. With the available amount of money, the project had been planned and commenced with the help of partnership working with Good Computers which also assisted XY department by providing them with benefits during the develop and implementation of the new software and computer systems (Crawford, 2005). The three major components which had been included while assessing the project status were overall condition of the project which could be shown in red, yellow or green. The project name has been also stated. Any sort of problems would be identified by me along with the changes in scope of the project. The status was also presented to show how the managers were not communicating with each other properly as a result of which certain effects were remained unanticipated overhead for the XY department as well. From the assessment, it was also found that the milestones were not achieved, thus it could stated that the project did not make any progress regarding the project of client management system for XY department (De Reyck et al, 2005). Another component which was determined during the assessment of the current status of project was the issues and problem faced during the implementation of the system. The issues were not addressed properly, which lead to difficulties in making proper decisions regarding the scenario. The new CEO was not informed about the scope and was also told about necessity of some additional amount of money which was extra to the budget. All these issues hindered proper implementation of the system, so it would be needed to look into the status of this project properly and then advance with necessary solutions to all these problems (Forsberg et al, 2005). I, as the senior consultant of this management consultancy company prepared this report so as to show what kinds of issues were faced during the implementation of the project, so as to plan for necessary measures that could resolve these kinds of situations and ensure that the project implementation would be successful in the future (Heagney, 2012). 2. Compare your assessment with sound project management practices By comparing the assessment of project status with the various practices and methods of project management, it had been found that the project implementation could only be successful with the allocation of proper time and budget along with a manager and CEO who had the relevant skills and knowledge to cope up with the changing conditions. At the first stage, it would be important to initiate and plan for the project of client management system implementation and then make proper scheduling and budgeting so as to determine how much cost would be necessary for making the project implementation successful and noteworthy. The risks in project must be managed and also identification of the changes ins cope of the project would be essential (Ika, 2009). One of the most effective project management practices could be the breaking down the project into smaller components and activities and then set a particular date within which the activities must be completed. All these management practice s would be needed to be considered by the newly appointed CEO of XY department. The manager must also be able to deal with the other company named Good Programs so as to work in partnership and ensure that n3cessary software systems were supplied to the department for assisting in the implementation of the client management system. This would help in gaining enough scopes and opportunities that the company would be free of cost, thereby resulting in implementing the project in a successful manner too (Kappelman et al, 2006). Later on, when a new CEO was appointed for XY department, it was found that there were several faults which the 16.5 version of the client management system. I was approached so as to study this case properly and make an assessment about the present status of the project. As it could be seen that the project did not commence at present due to lack of proper amount of funds and also because the new CEO of the department was not informed about the actual scope of the project along with the changes made and the budget which increased to some additional R 185000 (Kerzner, 2013). The documents consisting of the definition and purpose of the project must be utilized so as to plan for necessary activities. The documentation would consist of the overview of project along with the goals and objectives that must be achieved. The scope of the project would also be defined like what changes would be done to the outdated computer systems and what were the departments that were needed to be converted. The assumption of risks would also be done during this effective project management practice. The costs would be estimated as well based on the time that had been scheduled. The planning horizon creation could be another project management practice that would easily define the work plan by providing step by step information about how to construct the project in an appropriate manner (Leach, 2014). One of the most essential consideration that would be needed to be done would be to ensure that the sponsors had approved with the changes in scope of the project. The procedur es of management of the client management system project would also include identify the changes in scope, managing the risks and furthermore maintaining the quality of the project by creating a level of understating between the various stakeholders in business like the suppliers, investors or shareholders, clients, etc of XY department. This is how the work plan could be managed properly and the budget and schedule would be assumed properly as well. Updating the work plan is essential that can further determine whether the project is feasible or not and whether it can be completed within the available budget and time period or not (Meredith Mantel, 2011). After management of work and time schedule, the scope management would be essential for controlling the project properly and thereby reduce the chances of failures during project implementation due to improper estimation of skills of team members involved in the project of XY department. The project had been hold on for a long ti me due to non-approval of extended amount of money and also due to lack of proper resources and less communication with the managers, which was a major risk (Pollack, 2007). The last and most important project management procedure which I, as a senior project management consultant, have recommended is the assessment of potential risks all throughout the project and then resolves those as soon as possible with a feeling of urgency so that it would not be able to deteriorate the project implementation further. This would not only continue the project with a new horizon and with a new purpose with new CEO and manager, but would also improve the effectiveness of the implementation of client management system for XY department (Schwalbe, 2015). 3. Recommend steps to bring the project to a close. Acceptance by the sponsor or CEO of XY department The project of client management system could not be closed unless the approvals of customers were taken. Here the meetings could be held with the CEO so as to make discussion about the project closure based on the criteria of acceptance for the project by the clients. All the deliverables and documents must be signed properly before making an agreement for the closing of the project. As because the project was put on hold due to certain issues and problems for XY department, so it was needed to close down and start in a fresh way (Shenhar Dvir, 2007). Conducting assessment of Project would be essential The responses and feedbacks of the stakeholders were needed to be considered along with the opinions of project team members so that it could be close down and start for new projects in the future. It would be necessary to identify what were the positives and what were the negatives faced during the implementation of this project (Slack Lewis, 2005). This would help in determining the project life cycle as well so as to carry out the project valuation and assessment. Collecting the necessary data related to the project history At the beginning of the project, various guidelines were needed to be followed by the project team members for handling the project efficiently, so as to ensure progress. So, the history of the project must be kept secured so as to use those afterwards in the future (Williams, 2005). Finally singing off from the project The information which had been gained from this hold on project of client management system might be of no use in the future for the CEO and manager of XY department, as well as for the clients and tech support, though they would provide ongoing support for solution with the clients. Managing relationship with customer post closure or deployment Though the project would be closed, still it would be necessary to manage contact with the clients and make then informed about any updates or project that would be implemented in the future by XY department (Wysocki, 2011). Recommend improvements to the XY Department's future project management practices. Few recommendations have been provided so as to improve the implementation of project through project management practices by XY Department. The detailed work plan could be developed with the help of assigning the resources properly and make an estimation of the work properly. This would help to identify the high levels of uncertainty, thus resulting in resolving the chances of risks and issues easily. The determination of critical path determination would also be another project management procedure that could enhance the efficiency of the implementation process (Atkinson et al, 2006). Allocating the resources properly along with maintenance of budget so that the project implementation would remain within the budget had also been recommended. The budget must be corporate and the policies must be upgraded as well Preparation of annual audit had also been recommended as major effective project management practice in the future (Azhar, 2011). The estimation of cost would be recommended as well along with the scheduling of task or work for the team members involved in the project of XY department. The financial and non-financial information must be gathered so as to utilize the financial resources properly and prevent wastage of those as well. The organisation must develop a proper organisational structure during their plan with skillful staffs and managers who could carry out their roles and responsibilities with dedication and commitment (Burke, 2013). 2. The project paths are as follows A-B-D-E-G Duration 7+3+5+2+5=22 A-B-D-F-G Duration 7+3+5+4+5= 24 A-C-D-E-G Duration 7+4+5+2+5= 23 A-C-D-F-G Duration 7+4+5+4+5= 25 So the critical path of the project is A-C-D-F-G and the duration is 25 days If each activity A, D, F and G are done in crash time then the project could be executed in 4 days less as this would mean that all the project paths would be shortened The cost escalation would be 1000+1500+3000+3000 = 8500 3. Discussing the issues of Critical Chain Project Management and explaining our opinion regarding this topic The Critical Chain Project Management (CCPM) is considered to be an effective technique of planning, executing and managing projects in both single and multi project environments. It has been found that in the majority of complex projects, the duration of successful project implementation often can exceed their planned schedule by almost 50% to 100% and this is mainly attributed to unforeseen circumstances or uncertainty associated with the project. For compensating for this age-old dilemma, project managers and personnel who are in charge of handling projects have learned to compensate by adding additional time within their planning and scheduling estimates (Tukel et al. 2006). Yet in spite of this, there are still instances when projects are overrunning their schedules. The Critical Chain Method (CCM) or Critical Chain Project Management (CCPM) was first propounded by Dr. Eliyahu Goldratt and it was first introduced into the market in the year 1997 as a part of his Theory of Constr aints book Critical Chain which revolutionised and changed the manner in which scheduling and production management takes place. By utilising the Critical Chain Project Management, projects can be undertaken and completed in an effective and timely manner by ensuring greater accuracy in the project scheduling process (Chun-chao, 2008). However, there are certain issues which are associated with the CCPM methods and these have been mentioned below: 1) Task Duration and Safety Margins The CCPM methods utilises the main assumption that all the project managers are going to overestimate the task duration by a certain safety factor which might not be accurate in nature. This method estimates that the duration of actual execution of each and every task will invariably increase in the course of time and thereby supplement the timescale allotted. Thus, in simple words the actual time duration becomes a self fulfilling prophecy in the CCPM methods (Takahashi et al. 2009). 2) Use of Buffers in Planning and Control The utilisation of buffers are playing a major role in the success of the CCPM theory. Usually, the amount of buffering in a project essentially reflects the amount of protection and safety which would be required against the elements of uncertainty associated with the sum of duration of tasks which comprise the critical path of the project. The sizes of the feeding buffers need to be appropriate enough to provide the necessary protection to the feeding chains or else the project duration will be unnecessarily delayed. In order to ensure that such a situation does not arise, it is really essential to ensure that the size of the buffers must be less than the summation of the safety margins which are extracted from the individual tasks on the corresponding chain (Long Ohsato, 2008). 3) Resource Utilisation CCPM does not encourage the process of assigning multiple tasks to a single resource. The business establishments can reduce the amount of multitasking in their business without switching to CCPM but the idea of eliminating the process of multitasking is usually not considered to be a good business practice. 4) Multi-Project Management The CCPM method deals with a multi project environment by staggering the projects around the constraining resource (often referred to as drum in TOC terminology). There could be several constraining resources in a given project at any given point of time and each of them would lead to a different schedule and this would invariably complicate the process of task scheduling and cause delay in the project (Leach, 2014). All the issues which have been mentioned above clearly undermines the overall effectiveness and advantages of utilising the CCPM methods in case of project scheduling and this makes us question the overall utility of applying the CCPM methods in a project. All these issues would invariably hamper and compromise the timely implementation and completion of a project and thus we are really sceptical regarding utilising the CCMP methods as it would not produce any desirable benefit in the project (Tukel et al. 2006). Highlighting the difference between critical path and critical chain The critical path and the critical chain are vastly different from each other and they have their own significance within a project. The management principles tend to emphasise on limiting or constraining factor of a system that determines the total duration of a project and the main objective of project management and scheduling is to minimize the entire project duration. Both the critical path and the critical chain are methods of project scheduling. The critical chain focuses on the resource whereas the critical path focuses on the order of the different tasks (Kerzner, 2013). Critical Chain Modelling is essentially utilised in order to address the inherent uncertainty which is related with change and human behaviours, and this helps in ensuring the efficiency of a project by facilitating the execution of multiple tasks by dividing the total work into natural work streams. On the other hand, the Critical Path concentrates on tasks by evaluating their resource and time efficiencies, thereby enabling the project managers to delay the implementation of those tasks which are causing schedule risk (Tukel et al. 2006). The critical chain method helps in modifying the project schedule which helps the project managers to account for limited resources by adding time buffers (non-work schedule activities) which helps them to keep a tract on their planned activity durations during each and every stage of the project. Critical chain technique is incorporated once the critical path has been determined. This is usually achieved by evaluating the availability of the resources and thus the resulting schedule produced already has a resource-constrained critical path. The critical chain then emphasises on effectively utilising the remaining buffer durations against the remaining durations of the task chains (Long Ohsato, 2008). The critical path method helps us to calculate both the early start and finish dates and the late start and finish dates for all the scheduled activities of a project. This involves performing a forward pass analysis and a backward pass analysis through the projected schedule network paths. The forward pass helps us to calculate the early start (ES) and early finish (EF) dates (ES + duration (DU) = EF); whereas the backward pass helps us in determining the late start (LS) and late finish (LF): (LF DU = LS). The critical path is usually the longest path through the entire project schedule which has either zero or negative total float. The critical path contains all the activities which are critical to the success of the project and without which the project would come to a standstill (Chun-chao, 2008). 4. Discussing the philosophy of scope planning Each and every project has their own needs and necessities which requires their own set of practices, processes, tools and techniques in order to ensure that the project is completed within the specific time frame. This will help in satisfying the interests of all the stakeholders who are associated with that particular project. The combination of these factors along with the product and service which are going to be delivered by the project is known as the scope of the project. The project scope planning essentially involves getting the key parties of the project to arrive at a mutual consensus regarding the scope of the project. Project scope planning is a very important aspect which plays a vital role in ensuring the successful implementation of the project (Burke, 2013). The task of project scope planning essentially involves including all the high level features or functionalities which the business team have committed to successfully deliver to their clients. The project scope is usually defined by the different stakeholders which includes the project sponsor, steering committee, executive sponsor, the end users or customers who are going to benefit from the project and all the other persons who are going to be directly or indirectly impacted by the project. The success of the project essentially depends on how the project managers are able to satisfy the interests of the project stakeholders and the project scope planning helps the project managers to achieve this objective (Atkinson et al. 2006). Benefits of a Scope Statement A project scope statement is considered to be a vital tool which helps us to underline the deliverables of a project and this enables us in identifying the different constraints and assumptions which are considered to be important parameters for ensuring the successful implementation of the project. A properly designed project scope essentially demonstrates the boundaries of the project. The project scope statement is essentially designed by the Project initiation process group whose main goal is to identify the high level objectives from the project. The objectives of a project must be developed in such a manner so that it is clearly understood and comprehensible by each and everyone involved (Heagney, 2012). By utilising a project scope statement, an organisation is able to obtain a lot of benefits which play a vital role in ensuring the timely and successful implementation of the projects which have been undertaken by them. It enables the project managers to identify the different risks that are associated with a project and this makes the managers better equipped to tackle those risks in an effective manner which helps in ensuring the smooth continuity and implementation of the project. Having a project scope statement helps the project managers to undertake an accurate cost analysis and capital budgeting regarding the different activities which are involved with the project and this helps in ensuring a better and effective allocation of resources which is imperative for the successful completion of the project (Khan, 2006). This helps the project managers to monitor the costs associated with a project and this helps to eliminate the chances of any cost escalation in a project. A proje ct scope statement plays a vital role in helping the managers to identify and understand the main purpose behind implementing a project and this helps to foster better coordination and understanding by improving the teamwork among the different individuals who are working on a project. A project scope statement helps the project managers to evaluate the progress made by them towards the successful implementation of the project and they will be able to evaluate the project requirements in a better and effective manner (Kerzner, 2013). Discussing the typical sections of a project scope statement A project scope statement generally includes the following aspects: 1) Project Description This describes the nature of the project and what will be accomplished out of the project. 2) Project Purpose This describes the main purpose of the project by elaborately describing the strategic goals and objectives of the project. 3) Project Objectives This helps in providing a clear and comprehensive set of project objectives which can be measured from time to time as the project reaches its completion (Burke, 2013). 4) Project Requirements - This helps in identifying the high level resources requirements of a project in terms of the product and service which is going to be delivered by the project, 5) Project Assumptions These are the conditions which must be taken into consideration before starting/beginning work on the project. 6) Project Constraints These include certain unforeseen conditions or situations on which the project managers do not have any control and which might threaten the timely and successful implementation of the project. This includes the different risk factors and constraints which might be encountered by the project in due course of time. 7) Project Boundaries The project boundary is essentially the product or system boundary which is going to be implemented once the project is completed. It makes a lot of business sense to divide the scope of work into multiple phases which would help in the smooth implementation of the project (Atkinson et al. 2006). 8) Project Risks This include a detailed description regarding the known risks which could be encountered by the project. 9) Project Deliverables This includes the identification of the products and services which will be delivered by the project to the end users. 10) Project Milestones This includes a detailed description regarding the important achievements and milestones which have been accomplished by the project managers in the project. 11) Project High Level Work Breakdown Structure (WBS) This includes a detailed description regarding how the work is to be carrie4d forwards and how the project is going to be implemented in the near future (Heagney, 2012). References Atkinson, R., Crawford, L., Ward, S. (2006). Fundamental uncertainties in projects and the scope of project management.International journal of project management,24(8), 687-698. Azhar, S. (2011). Building information modeling (BIM): Trends, benefits, risks, and challenges for the AEC industry.Leadership and Management in Engineering,11(3), 241-252. Burke, R. (2013). Project management: planning and control techniques.New Jersey, USA. Chun-chao, C. H. U. (2008). Buffer sizing and critical chain project management [J]. Computer Integrated Manufacturing Systems, 5, 1029-1035. Crawford, L. (2005). Senior management perceptions of project management competence.International journal of project management,23(1), 7-16. De Reyck, B., Grushka-Cockayne, Y., Lockett, M., Calderini, S. R., Moura, M., Sloper, A. (2005). The impact of project portfolio management on information technology projects.International Journal of Project Management,23(7), 524-537. Forsberg, K., Mooz, H., Cotterman, H. (2005).Visualizing project management: models and frameworks for mastering complex systems. John Wiley Sons. Heagney, J. (2012).Fundamentals of project management. AMACOM Div American Mgmt Assn. Ika, L. A. (2009). Project success as a topic in project management journals.Project Management Journal,40(4), 6-19. Kappelman, L. A., McKeeman, R., Zhang, L. (2006). Early warning signs of IT project failure: The dominant dozen.Information systems management,23(4), 31-36. Kerzner, H. R. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Khan, A. (2006). Project scope management.Cost engineering,48(6), 12-16. Leach, L. P. (2014). Critical chain project management. Artech House. Long, L. D., Ohsato, A. (2008). Fuzzy critical chain method for project scheduling under resource constraints and uncertainty. International Journal of Project Management, 26(6), 688-698. Meredith, J. R., Mantel Jr, S. J. (2011).Project management: a managerial approach. John Wiley Sons. Pinto, J. K. (2007). Project management: achieving competitive advantage. Upper Saddle River, NJ, USA: Pearson/Prentice Hall. Pollack, J. (2007). The changing paradigms of project management.International journal of project management,25(3), 266-274. Schwalbe, K. (2015).Information technology project management. Cengage Learning. Shenhar, A. J., Dvir, D. (2007).Reinventing project management: the diamond approach to successful growth and innovation. Harvard Business Review Press. Slack, N., Lewis, M. (Eds.). (2005).Operations management(Vol. 10). Psychology Press. Takahashi, H., Goto, H., Kasahara, M. (2009, March). Application of a critical chain project management based framework on max-plus linear systems. InComplex, Intelligent and Software Intensive Systems, 2009. CISIS'09. International Conference on(pp. 898-903). IEEE. Tukel, O. I., Rom, W. O., Eksioglu, S. D. (2006). An investigation of buffer sizing techniques in critical chain scheduling. European Journal of Operational Research, 172(2), 401-416. Williams, T. (2005). Assessing and moving on from the dominant project management discourse in the light of project overruns.IEEE Transactions on engineering management,52(4), 497-508. Wysocki, R. K. (2011).Effective project management: traditional, agile, extreme. John Wiley Sons.

The Credit Crisis and the Resulting Effects on the Financial World free essay sample

All of these events are what has led to what analysts have said to be a recession. This paper will attempt to explain the causes that credit issues had on the financial crisis as well as show how liquidity played a major role in throwing debt markets into panic and in some cases failure. I will also give some insight into how the debt markets became inactive because of these issues. We will also take a look at how interest rates affected this crisis as well as how the stock market and initial public offerings (IPOs) were affected. The Beginnings of the Bubble Burst After the internet bubble burst of 2000 the Federal Reserve Bank was worried about a serious deflationary period. Because of this fear they did not want to counteract the housing bubble. The Federal Reserve Bank actually lowered the federal funds rate from 6. 5% to 1% in the period from 2000 to 2003. We will write a custom essay sample on The Credit Crisis and the Resulting Effects on the Financial World or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This was done in order to soften the blow from the internet bubble and was encouraging people to borrow at faster rates. During this time period, banks also went through a serious transformation period where instead of holding onto debt, they used new financial innovations to bundle them and sell the risk off onto other investors. This process was named originate and distribute. In this banking model loans were put together, tranched and sold via securitization. To tranche means to slice up the pool of debt into say slices of a pie. Each pie slice has a different risk involved, credit rating and thus different amounts of interest paid. Securitization is where these slices are then sold to different investors as bonds or Collaterized Mortgage Obligations (CMOs). The principal and interest on the debt, underlying the security, is paid back to the various investors regularly. These types of new innovations led to new investors and thus access to more liquidity for banks. Banks began to thrive with all the new opportunities for them to create more liquidity. As you can see from this chart, Securitization was being exploited at alarming rates. [pic] This in turn, allowed them to be able to lend more money. The problem was not the increased amounts of loans that banks gave out, the problem lied with whom these banks were lending money. Of course the added pressures growing in the market from the government and financial institutions werent helping matters. As I mentioned earlier, The Federal Reserve Bank was lowering the federal funds rate in the years of 2000 through 2003 which encouraged people to invest in real estate. At the time the real estate market was on a tremendous upswing. However in the years of 2004 through 2006 they started increasing the federal funds rate (FFR) which made 1-5 year adjustable rate mortgages more expensive to reset for homeowners. There was another side effect of the rising FFR, generally when interest rates rise, assets fall in value. This would mean that speculation in real estate would be much riskier for investors, and this may have led to the eventual housing bubble burst. However this did not stop banks from targeting a new market. A new customer target entered the market for banking systems, Sub-prime borrowers. Originally, banks were, for the most part only lending to prime borrowers, a group of borrowers who are considered the most credit-worthy, indicated by a FICO score greater than 720. These prime borrowers were able to borrow money at the markets best interest rate and were also considered safe investments. Sub-prime borrowers on the other hand, were less than desirable potential customers to lend to. Their credit ratings were much lower than prime borrowers, meaning they were more likely to be late with payments on loans or even default all together. Now, initially banks may have strayed away from giving as many loans out to sub-prime borrowers as they did, however added pressures by the government and financial institutions were mounting. When the Securities and Exchange Commission relaxed the net capital rule in 2004, this allowed the five biggest investment banks to dramatically increase the leverage they could use and also allowed them to aggressively expand on their issuance of mortgage backed securities (an asset-backed security or debt obligation that represents a claim on the cash flows from mortgage loans through securitization). This then pressured government entities such as Fannie Mae and Freddie Mac to expand their riskier lending to sub-prime borrowers, and this led as an example for other banks that followed suit. Financial Market Begins to Feel the Pain and the Onslaught of Liquidity Issues Arise The rise of securitized products ultimately led to a flood of cheap credit, and lending standards fell. Now that banks had a way to get rid of the majority of risk involved in lending money, via securitized products being sold to financial institutions, they took an easy going approach to approving and monitoring loans. Banks came up with new ways to give out mortgage loans with no down-payments, jobs and even income! These were called piggyback mortgages (the combination of two loans to take the need of a down payment away) and NINJA (no income, no job or assets). These loans were given on the assumption that people if people needed money they could always refinance and actually horribly wrong and in fact the opposite happened. Loans started to default a domino effect began causing liquidity crisis as well as other issues. The trigger for the liquidity crisis began in early 2007, when sub-prime mortgage defaults started increasing at damageable speeds. Mortgage-backed Securities, CDOs and asset-backed securities (a security whose value and income payments are derived from and collateralized (or backed) by a specified pool of underlying assets) all took a huge hit. This dominoed into the shadow banking system (financial institutions that do not have the same regulations as banks because they do not take deposits like banks do) causing many institutions great problems. The major issue was that a lot of these shadow banks had borrowed from investors in short-term, liquid markets (such as money markets and commercial paper markets) and then took this money and lent it out to corporations or invested in long term investments, less liquid assets. In most cases these long term assets that were purchased were mortgage-backed securities. So as you can see the default on sub-prime mortgages was deeply intertwined with all that shadow banking systems were involved in. Once the mortgages defaulted and investors became weary of investing in mortgage backed securities, these financial institutions that had so heavily depended on short term monetary loans from the investors were finding themselves quickly bankrupt. Because the shadow banks are not regulated such as depository banks they are also not able to use the lender of last resort, the U. S. Central Bank. In short financial institutions were in a serious bind. They needed to sell their long term loans for cents on the dollar to be able to pay off the short term loan payments and in the end many institutions were out of business. Some notable companies in 2008 that closed down shop were Bear Stearns and Lehman Brothers. And the long and short of it is that these financial institutions were also highly leveraged. That coupled with the long term illiquid investments they held were the shadow bankers downfall. The effects of defaulted mortgages did not stop there. The effects of defaulted mortgages continued to snowball into a huge problem for such companies as AIG. AIG is an international insurance company that had heavily invested in credit default swaps. The major problem that started the downfall of AIG was the downgrade of its credit rating. When you have a credit rating of AAA you do not, by industry standards, have to give collateral when entering into credit swaps. When AIG had to start providing collateral with their trading counter parties the problem of liquidity started. This was not just a small problem either; they had backed 100 cents on the dollar to CDSs. They had engaged in over 440 billion dollars worth of CDSs of which almost 60 billion were structured by sub-prime loans. In their first half of 2008 they reported 13. 2 billion in losses. They were on the verge of what could have sent our whole financial system into chaos. Had AIG failed it would have sent a wave of bankruptcy through the financial world that would have collapsed the entire market. Because after all, they were insuring financial institutions, who were holding risk for banks who had defaulted mortgage loans. The bailout by the U. S. Government saved AIG by giving them the biggest bailout in history, 85 billion dollars (of which the US Government got an 80 percent equity stake). That was not even the end of it; AIG was given another 77 billion after that. The buck basically stopped with AIG, as they were too big to fail. They had offered a product that while markets were doing well AIG was successful, but as the market declined they entered into what analysts say was inevitable. They offered to cover all risk when offering 100 cents on the dollar, and once the defaults on prime mortgages made it through the entire financial world they had to back the product they offered in CDSs and obviously they could not. The Financial Market Freezes The collapse of the shadow banking system was an igniter of the market freezing. They had accounted for one third of all U. S. lending mechanisms leading into this crisis. The reasoning was because investors that had been supporting the financial institutions with short term money loans quickly bailed out once things started to go wrong. With this absence of monetary injection into the shadow banking systems they were no longer able to fund mortgage funds, corporations and others in need of their services. This caused banks to have a serious absence of liquidity as well, leading them to start hoarding money. This meant that instead of banks loaning to counter-parties in need they held onto the funds in fear of needing liquidity in the future. This was a serious problem and one that will not be fixed in years to come. A lot of the forms of securitization that were once available are likely gone forever. The reasoning behind them disappearing is that they were designed in a time of very loose credit conditions and that time has gone, at least for now. While banks have raised their lending standards it was the rise and fall of shadow banks that inevitably led to the inactivity of debt markets. The Stock Market Follows As I mentioned earlier, the defaults on sub-prime mortgages spiraled into many liquidity problems in the financial markets. They caused investors to start fearing that markets would continue to drop. Banking institutions bankrupted, and with AIG on the brink of disaster, matters only got worse. Investors caused bank runs (Groups of people all withdrawing money from banking institutions at the same time), Illiquidity, and massive panic in stock markets. As we can see from this table, The SP 500 index was significantly hit by these defaults. As you can see, during the crisis period volatility was 43. 6% (325% of pre-crisis period). [pic] This table reflects how the average investor was feeling about the market. As you can see in the post-crisis analysis the market volatility is still at 20. 9% and the average is actually lower than the crisis period. This next chart reflects the Dow Jones Industrial Average (DOW). As you can see here, the chart mirrors the information given in the last table. March 2009 was the low point of the market (where the crisis ended), and the market has rebounded. It has not yet returned to its previous high of 14,000 but it has steadily been on the incline since March 2009. This gives us hope in looking to the future, that even in the trenches our economy can rebound. Effects on Initial Public Offerings Initial public offerings are the first sale of stock by a company to the public. This allows companies big and small to raise capital for their firms. With the severe economic downturn in 2008, it sent a wave of negative effects worldwide, which hit the IPO markets hard. IPO markets plummeted by over 60% in both deal numbers and funds raised. Up until 2008, there had been record-setting years with IPOs. The problem lied with the illiquid markets. There was a significantly less money that investors were willing to supply for IPOs. Although IPOs were taking a significant hit, U. S. and China still led the way as far as funds raised from IPOs Companies with strong business plans and innovative products for the economy were still able to realize positive gains in the public markets. Looking towards the future, IPOs will rebound. Analysts say that signs point to new horizons for IPOs, favoring companies that offer innovative and public solutions for the changing environment. Looking Towards the Future In short, our financial world hit a wall when sub-prime mortgages were abused. Securitization multiplied the effects from default mortgages causing financial ripples that destroyed many firms. Other problems such as the relaxing of regulations and the pressures from the U. S government to give out sub-prime mortgages only made things worse. Greed ran wild and should have taught us a lesson on what deregulation and the abuse of sub-prime borrowers can do to markets. We also need to keep banks more regulated and have the government always keeping a watchful eye on the shadow banking system. Congress and the Obama Administration have taken the first step forward to preventing a repeat by putting into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. As regulators begin the rule-making process it is estimated that the act mandates nearly 250 regulations and 70 studies. Just as quickly as it was passed, however, the industry was hard at work lobbying to diminish the protections under the act by intervening as much as possible in the rule-making process that follows any such legislation. Additionally, the industry lobbyist are hard at work in an effort to get the newly elected Republican-controlled House of Representatives to weaken the legislation’s impact through low funding of the various regulatory enforcement provisions. I would hope that in the future we can learn from this crisis and realize that lending to borrowers with good credit, and income that can afford the payments of a loan, are very important aspects in lending. Equally, financial institutions must get back to seriously following their own loan policies, since most policiesthat were ignored allowed for loans to be approved that should not have been. . Works Cited 1. United States. Federal Reserve Bank of St. Louis. The Financial Crisis Timeline. Web 09 Dec. 2010.

Essay Scholarships - College Grants For Students With Excellent Essay Scores

Essay Scholarships - College Grants For Students With Excellent Essay ScoresHave you ever wondered why most colleges and universities don't offer essay scholarships to their students? There are many reasons why the school doesn't offer such scholarships. You have probably heard the school policy that students must take the SAT, ACT, or SAT Subject Test to get accepted to college.It is unfortunate but many colleges and universities won't to take a student who has taken such tests as a student without this kind of test or at least not for college admission. This is good because students with perfect scores on these tests can still be accepted in many schools.If you are interested in getting essay scholarships then there are many ways to do it. Most scholarships will take students that have a good writing and grammar score. For this reason most scholarship offered by the college grants scholarships for students who have scores of 140 or above. The exact college grants will vary but ther e are lots of scholarships that are designed for students with scores of 160 or higher.When it comes to the scholarship application, write something that you want to write. You should put your life experiences and events in the essay. There are colleges and universities that will accept students who apply with essays that are well written but if you are aiming to get scholarship money from your college then you should go for a different approach.You have to study what kind of essay will get you the most amount of scholarship money. You can read up on these things at a library or a college bookstore. You can even start asking the teachers and professors at your school.Most scholarship for essay scholarships will not pay you to do anything other than write the essay. If you don't want to do that then you might want to reconsider. The thing is that essay writing is very time consuming and if you are applying for a college scholarship then you should go for this process.These essay scho larships are good for all students as long as they follow the rules. You have to write the essay because you need to show that you are capable of writing. Most people think that essay writing is not important and if they fail to write one then they fail to get the scholarship money but that is not true.

Feminism and Witches essays

Feminism and Witches essays In a history class last year, I was made aware of a movement from some radical feminist groups that claimed the slaughter of innocent women in the 16th and 17th century witch trials as a parallel to the misogynistic persecution they perceive as an integral part of culture today. The use of the inquisition of witches as an analogy for the contemporary subjugation of women is ahistorical due to the evolution of the social dynamics that occurred between the 16th and 20th centuries. The political climate of the 16th and 17th centuries was one of great conflict, with many opposing forces struggling for control. As a patriarchal society, women were not allowed into the forefront of politics, therefore having no direct voice in judicial and societal matters. This made women prime candidates for persecution under a law system completely under the control of males. In early modern Europe, religion had a much more powerful influence upon the lives of the masses than it holds today. Those in the position to receive an education were commonly limited in their endeavors to theological seminary. Those of the traditionally uneducated classes first and foremost women were saturated by the theological interpretations of the religiously educated few. The moral economy of early modern Europe was forged by the hands of those educated by the church and enforced through a fearful reverence of the wrath of God. Ordinary citizens, lacking basic literacy, were compelled to accept the clergys version of Gospel as The Gospel. Today, with the advent of public education and higher literacy rates than ever before seen, the general public has the opportunity to examine liturgy and form individual theological structures. In addition to a more educated populous, the religious community has been forced by the modern idea of separation between church and state to vacate its position as ultimate moral arbiter. Another facet o...